Japan announces $50 billion emergency budget

The Japanese government on Friday announced a $50 billion emergency budget for post-quake rebuilding.

Prime Minister Naoto Kan said the budget – still subject to approval from parliament later this month – was likely to be followed by several extra budgets to help restore the estimated $300 billion in damage caused by the March 11 disaster.

The 9.0-magnitude earthquake and subsequent 15-meter tsunami left up to 28,000 people dead or missing, and wrecked infrastructure in northeastern Japan.

It also triggered a crisis at Fukushima Daiichi nuclear plant, which is being rated at the same level as the 1986 Chernobyl disaster.

The emergency budget is expected to be implemented in May. The government said the budget did not include any public borrowing so as not to further strain Japan’s huge public debt.

MOSCOW, April 22 (RIA Novosti)

Leave a comment